A CARJ CREW DURING CLB; OVERSHOT ASSIGNED ALT.

Narrative

DURING INITIAL CLB; I WAS LOOKING OUT AT TFC WE WERE FOLLOWING AND WAS LATE STARTING MY LEVELOFF AT ASSIGNED ALT OF 5000 FT. I INITIATED AT ABOUT 4900 FT; BUT DUE TO HIGH RATE OF CLB AND THE FACT THAT WE HAD ALREADY ACCELERATED TO 250 KTS; I BALLOONED TO 5400 FT BEFORE I WAS ABLE TO STOP ASCENT AND DSND TO 5000 FT. THE CTLR NOTED MY ALT; REITERATED THE ASSIGNED ALT AND SAID TO DSND TO ASSIGNED ALT. AT ABOUT THAT TIME; I GOT A TCASII RA TO THE E WITH INDICATED VERT SEPARATION 900 FT HIGHER. I WAS ALREADY DSNDING AT THIS POINT AND THE TA WAS RESOLVED AFTER ABOUT 3-5 SECONDS. ONE OF MY CONCERNS WHEN LOOKING OUTSIDE TO VISUALLY ACQUIRE THE TFC WE WERE FOLLOWING; WAS THAT IT WAS A B727. AFTER WATCHING ITS TKOF ROLL; I THOUGHT TO BE FAIRLY HVY. I DIDN'T NECESSARILY WANT TO FLY TOO CLOSELY OR DIRECTLY IN ITS WAKE; AS I WS CONCERNED WITH TURB ASSOCIATED WITH WINGTIP VORTICES. THIS CONCERN WAS WELL FOUNDED AS ABOUT 2 MINS AFTER THE ALT EXCURSION I DID EXPERIENCE SOME WAKE TURB. IT WAS CONTROLLABLE WITH ONLY ABOUT A 5-8 DEG ROLL FROM WINGS LEVEL; BUT IT HAD AN ACCOMPANYING JOLT THAT IS SOMETIMES MILDLY DISCONCERTING TO PAX.